Rocket Mortgage’s Issues Forecasted for Other Mortgage Lenders

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Rocket Mortgage’s struggles are evident in the earnings report released Thursday evening by Rocket Companies Inc., and they are not likely to be unique as other mortgage companies face challenges. According to Rocket CFO, Julie Booth, the rise in rates had a big impact on rate and term refinance demand. The 30-year fixed mortgage rate has experience its steepest and fasted rise in 50 years. While drastic, Rocket’s diminished earnings were not surprising. Henry Coffey, an analyst with Wedbush Securities, says the same will most likely be true for United Wholesale Mortgage and Home Point Financial when they report earnings next Tuesday and Thursday. Detroit’s Rocket Mortgage is the nation’s largest mortgage lender, generating a record $351 billion in closed loan volume in 2021.